#NFT market volume plunges to new lows#

NFT market trading volume and sales in 2024 dropped to their lowest levels since 2020, reflecting a decline in overall participation in the NFT market. While the price of individual NFTs has increased as crypto token prices have risen, overall market participation has declined. Data shows that annual NFT trading volume fell by 19% and sales volume dropped by 18%. Trading volume plummeted to $1.5 billion in Q3, and while it saw a slight rebound to $2.6 billion in Q4, it remains significantly lower than the $5.3 billion recorded at the beginning of the year. This trend indicates that while trading volume saw a slight increase in November, affordability, accessibility, and utility will be key for continued growth in the NFT market in 2025.NFT platforms such as Blur have attracted a large user base through zero-fee trading and airdrop campaigns, dominating market activity, while OpenSea has faced regulatory hurdles and declining market sentiment, leading the company to conduct mass layoffs before the end of the year. While Blur and OpenSea have been neck and neck in terms of market share in Q4, Blur has the edge in terms of high activity with a smaller, more active user base.